Speculators Drive Wormhole’s W Token Price Above $1 on OTC Markets
Speculators in the crypto market are already buying and selling Wormhole’s anticipated W token, driving its price above $1 on over-the-counter (OTC) markets. Whales Market data shows that speculators have traded “W tokens” worth $248,300, although it is unclear if these transactions involve IOUs or something else.
The sellers’ eligibility as future owners of W tokens is also uncertain since Wormhole has not released a public list of eligible addresses for airdrop participation. The average asking price for W tokens is currently $1.1 based on trading history on the platform.
Wormhole’s Token Allocation and Distribution Plan
Wormhole plans to allocate 1.7 billion W tokens (17% of the total supply) for community airdrop and launch, with an initial circulating supply of 1.8 billion W tokens. The remaining 82% will be locked and gradually released over four years. The distribution will occur on both Ethereum’s ERC-20 standard and Solana’s SPL.
The largest share of token allocation, 31%, is dedicated to ecosystem and incubation, followed by the foundation treasury at 23.3% and core contributors at 12%. However, specific details of Wormhole’s distribution plan have not been disclosed.
About Wormhole
Established in 2021, Wormhole is a cross-chain protocol that enables interoperability and communication across different blockchain networks.
Noah Rypton stands as an enigmatic fusion of crypto analyst, relentless researcher, and editorial virtuoso, illuminating the uncharted corridors of cryptocurrency. His odyssey through the crypto realms reveals intricate tapestries of digital assets, resonating harmoniously with seekers of all stripes. Noah’s ability to unfurl the labyrinthine nuances of crypto intricacies is elegantly interwoven with his editorial finesse, transmuting complexity into an engaging symphony of comprehension.